Singapore’s VC firm Monk’s Hill makes the final close of fund II at US$100M
Singapore-based VC firm Monk’s Hill Ventures (MHV) said that it has made the final close of its second fund at US$100 million.
Temasek, the anchor investor in the first fund, besides several unnamed US-based and international endowments, foundations, and family offices, also invested in Fund II.
“For Fund II, we will continue to invest in great founders, who are addressing sizeable market opportunities in tech at the early-stage, mainly Series A in Southeast Asia. We focus on investing in founders with a plan to scale up profitably in major economies, including Singapore, Indonesia, Malaysia, Vietnam, Thailand and the Philippines,” an MHV spokesperson told e27.
The VC firm has already made three investments from Fund II – Glints, STOQO and Padlet.
Online fashion company Koovs lays off a significant portion of its team
Indian fashion startup has announced the lay-off of half of the buying and merchandising team, according to Economic Times.
The reports come two months after India’s central bank RBI rejected Kishore Biyani‘s investment proposal to throw a significant amount of capital into Koovs.
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“Koovs has successfully refinanced the business and refocused its business priorities, which included streamlining of some of its operations,” Mary Turner, CEO of Koovs, said without answering specifics on the sacking of employees.
Singapore’s startup Paktor cuts jobs amid market slump
Singaporean startup Paktor has announced job cuts this year, compared to multiple layoffs since 2018, according to reports by Tech In Asia.
The company’s headcount has reportedly fallen from about 250 to 190 between 2018 and 2019, according to ex-staff.
Paktor’s CEO Shn Juay said that the startup now has around 200 employees. It makes job cuts every year as part of regular operational reviews, she adds.
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Image Credit: Monk Hill Venture’s
The post Afternoon News Roundup: Paktor, Koovs cut staff; Monk’s Hill makes final close of fund II at US$100M appeared first on e27.